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Scotia Homes sees its profits halved
PROFITS at Peterhead-based Scotia Homes halved last year as “difficult” conditions continued in the housebuilding sector.
Accounts filed at Companies House show pre-tax profits fell to £2.1 million in the year to 30 April from £4.2m, despite turnover edging up to £30.1m from £28.3m.
The directors said the results were “satisfactory” given market conditions and that they were on course to return a profit in the current financial year. But they warned that they were being hampered by slow planning decisions and a lack of mortgages for first-time buyers.
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